A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store fails to disclose the interest rate that it charges for credit. Under the Truth-in-Lending Act, the store is wrong for not listing the interest:
a. but the customer agreed to it, so there is no violation
b. but the consumer's only recourse is to cancel the contract c. and must give the consumer the goods for free as a result
d. and may have to pay the consumer up to $1,000 (civil damages) plus attorney fees e. there is no violation here
d
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A retail firm commonly has a positive cash flow in its early years; therefore, drawing accounts in this time period are unnecessary
Indicate whether the statement is true or false
Wintergreen Products allocates overhead based on direct labor hours. During 2011 overhead was overapplied by $4,000. Assuming that the year-end adjustment to clear out the overapplied overhead has not yet been done, which of the following statements is most likely true if there are no ending inventories?
A) Direct material costs are understated B) Direct labor costs are understated C) Cost of goods sold is overstated D) Net income is overstated
The WTO (World Trade Organization) ______.
a. replaced the GATT in 1945 b. governs trade in goods but not services c. has opened up markets for regulated industries (e.g., agriculture and textiles) d. is governed by NAFTA
________ is a moral theory which holds that individuals must decide what is ethical based on their own feelings about what is right and wrong
A) Ethical relativism B) Kantian ethics C) Utilitarianism D) Rawls's social justice theory